Tax Planning & Compliance
Why Complex Trusts Matter for High-Net-Worth Investors Under OBBB
A provision in the One Big Beautiful Bill (OBBB) Act has renewed interest in a once-overlooked planning strategy: the use of a complex trust as a standalone tax-paying entity. While the concept is not new, recent updates including expanded deductions for real estate taxes make the structure more practical and more compelling, particularly for high […]
OBBB Restores 100 Percent Bonus Depreciation and Expands Section 179
When it comes to managing your business’s tax burden, the timing and method of depreciating property can make a significant difference. Cash flow is an integral part of every business and, for a business owner, taxes are one of the biggest expenses they will have. The One Big Beautiful Bill Act (OBBB), signed into law […]
New Law Makes QBI Deduction Permanent for Qualified Business Owners
Tax Planning is one of the most important components of operating a successful business, and maximizing the Qualified Business Income (QBI) deduction is a key element in that planning. The QBI deduction enables eligible business owners to reduce their taxable income by up to 20 percent of their qualified business income, providing a valuable opportunity […]
OBBB Creates More Deduction Room for Middle-Income Filers
For years, the state and local tax deduction has been an important consideration for taxpayers in high-tax states. In 2017, The Tax Cuts and Jobs Act set a $10,000 cap, which limited the ability of many individuals and pass-through entity shareholders to reduce federal taxable income. The One Big Beautiful Bill (OBBB) Act, signed into […]
OBBB State & Local Tax Deduction Increase May Enhance Itemized Benefits
The One Big Beautiful Bill Act, signed into law July 4, 2025, raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for households with modified adjusted gross income (MAGI) under $500,000. For many, this brings a renewed incentive to itemize, putting mortgage interest, charitable contributions, and property taxes back into play. […]
Why More Business Owners Are Turning to ESOPs for Succession
More business owners are turning to employee stock ownership plans (ESOPs) to ensure continuity, reward long-serving team members, and transition out with intention. Unlike sales to outside buyers, ESOPs keep ownership within the company, preserving institutional knowledge and culture. Beyond continuity, ESOPs provide a pathway to liquidity that aligns with both financial goals and legacy. […]
Interest Deduction Limits Loosened, Restoring Favorable Treatment for U.S. Businesses
Businesses financing growth may see renewed opportunities to recover interest costs more quickly under the One Big Beautiful Bill Act (OBBBA) due to a change that restores depreciation and amortization addbacks in calculating the limit on deductible interest. This adjustment to Internal Revenue Code Section 163(j) marks a return to the more generous standard in […]
Megabill Provisions Raise Tax Exposure for Multinationals
The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, introduces broad changes to international tax rules. These adjustments will affect U.S. corporations with foreign subsidiaries, especially those that benefit from favorable tax treatment on foreign income. While some provisions align with expectations tied to the scheduled end of the Tax Cuts and Jobs […]
New Theater Tax Credit Offers Support for Massachusetts Arts Organizations
Designed to encourage local economic activity and nurture the state’s vibrant arts and culture ecosystem, the Commonwealth of Massachusetts has launched a new program that supports performing arts organizations while also bolstering Massachusetts’ reputation as a premier destination for theatrical production. Starting in July 2025, the Massachusetts Live Theater Tax Credit Pilot Program will run […]